Per Regent authorization in 1996, the Treasurer is authorized to open bank accounts which are necessary for conducting University business, to designate signers on bank accounts, and to close bank accounts.
Per Regent authorization in 1998, the Treasurer of the University of Colorado is authorized to select and utilize services from the full range of cash management services available. These services may include warrants, checks, payee positive pay, reverse positive pay, electronic funds transfer (EFT), Automated Clearing House (ACH), wire transfer, retail and wholesale lockboxes, direct debits and direct credits, and other new payment and collection instruments and services that become available. The Treasurer is authorized to determine the scope and combination of these services that are most effective to protect the assets of the University, to provide services to customers and suppliers, to reduce the cost of transactions, to improve the speed and predictability of transactions, and to provide information concerning these transactions. The Treasurer will ensure that these services are secured in accordance with the University’s procurement rules.
Bank Account and Investment Account Restrictions
Identifies the Treasurer as the sole officer authorized to open and maintain bank, custody, broker, and safekeeping accounts on behalf of the university which are not specifically authorized by the Board of Regents.
The following banking supplies can be ordered from CU’s banking supply vendor; please contact Alisha.Palas@cu.edu for more information about the process and pricing.
- Approved endorsement stamps are required for any department accepting checks.
Remote Capture Supplies
- Cleaning pads & alcohol swabs for cleaning the “Panini” scanner
- New ink cartridges to replace low ink cartridges
Deposit Slips for bank account deposits
Cash Vault Supplies
Electronic Payment Instruction Requirements
The Treasurer's Office needs specific instructions in order to make an electronic payment. This information should be gathered as an integral part of creating the obligation that leads to payment; that is, you should obtain the necessary information while you are negotiating the initial contract, arranging the transportation, discussing the lecture honorarium, and so forth. (that is, it is more efficient to get this information earlier rather than later.) Each type of payment has specific information requirements. Please review the type of payment you need to have made to see the instructions for that payment. Note that ALL payments for products or services must first be approved by the Procurement Service Center (PSC).
Warrant (check) (within the United States)
Foreign currency draft
Domestic wire transfer (within the United States) (US$ only)
International USD wire transfer (outside the United States) (US$)
If you have questions or need clarification of these information requirements, please contact the Treasurer's Office by email to Alisha.Palas@cu.edu or by telephone to (303)837-2182.
- ABA # or Bank Routing # - The nine digit number that designates the bank and location to which the transfer must be delivered. This applies to transfers only within the U.S.
- Account Name - The actual name of the individual or entity on the bank account.
- Account Analysis - A banking service for business customers that provides a finely detailed statement of all activity related to the account.
- Automated Clearing House (ACH) System - A domestic electronic funds transfer system.
- Bank Codes - Three letter codes used to identify banks used by the University.
- Beneficiary - The individual or entity receiving the funds transfer.
- Correspondent Bank - A financial institution that regularly performs services for other banks.
- Currency Code - A three letter code representing the currency of a particular country.
- Depository Bank - The bank that accepts incoming paper or electronic funds and credits it to a beneficiary bank account.
- Domestic Transfer - A funds transfer with the receiving bank located in the U.S. or the correspondent bank is located in the U.S.
- Drawdown - A transaction method that allows a customer to authorize one bank to wire in funds from a second bank. Use of drawdowns centralizes transaction decisions and cash flow to a single bank.
- Drawee Bank - The bank on which the electronic transfer is drawn, the payor's bank.
- Electronic Funds Transfer (EFT) - The movement of funds by non-paper means (i.e., electronically) usually through a payment system such as the ACH network or Fedline.
- Encryption - The process of encoding electronic transaction information, to allow secure transmission of data over the Internet.
- Fed Reference Number - A tracking number given to a wire transfer, to identify it and to assist in research.
- Federal Reserve System (Fed) - An independent agency of the U.S. government that plays a central role in monetary policy, domestic payments systems, and the regulation of financial institutions.
- Fedline - The same-day value electronic funds transfer system operated in the U.S. by the Fed.
- Initiating Bank - The bank responsible for sending the transfer.